Domestic brokerage firm Prabhudas Lillader has selected Bharat Electronics (BEL), Bharat Heavy Electricals (BHEL), Coal India and Tata Motors among its top technical picks for Diwali 2024.

Muhurat Trading, the annual Diwali trading session, has been announced for November 1, from 6 p.m. to 7 p.m on Friday.

BEL

PL gave the stock a “buy” rating with a target price of ₹426 and a stop loss of ₹240. The report said the stock has witnessed a decent erosion in the last three months and has taken support near the ₹260 zone. The brokerage said the stock took support near ₹265 and had a pullback. The stock has visible upside potential on the technical chart.

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BHEL

Prabhudas gave BEL a “buy” rating with a target price of ₹390 and a stop loss of ₹215. According to the report, the stock has fallen from its peak of ₹335 and recently had a pullback from ₹254 level. The RSI indicated a positive trend reversal signal for the company, it added.

Coal India

Coal India got a buy rating with a target price of ₹690 and a stop loss of ₹415. The report said the stock had corrected from ₹544 levels and have been consolidating at ₹485 with a support at ₹475. RSI shows a positive trend reversal to buy and implies a high upside from the current level, the report said.

GRSE

Garden Reach Shipbuilders and Engineers got a buy rating and a target price of ₹2,770. The stop loss was set at ₹1,420. The report indicates the stock has consolidated at ₹1,700 zone after falling from a peak of ₹2,833. A positive candle formation with significant volume formation shows improved bias and according to RSI, a trend reversal is imminent from the highly oversold zone to buy.

Tata Motors

Tata Motors also got a buy rating with a target price of ₹1,225 and a stop loss at ₹770. The stock also had eroded from a peak of ₹1,142 and has taken support at the long-term trendline, ₹915 zone. The report said the stock shows attractive in the technical chart with RSI near the oversold zone and gradual rise to improve bias.

The other selections of Prabhudas Lilladher are NTPC, KPIT Tech, HSCL, GMDC, Exide Industries and ABB India.

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